Bank of East Asia, the Hong Kong-based financial services firm, has announced that its subsidiary, BEA China, has received regulatory approval to put up cross-location sub-branches in Zhongshan and Foshan in Guangdong.

BEA China has already begun preparatory work on the said locations, which are expected to open in early 2010. Both branches will be providing a comprehensive range of banking products and services.

The approval is in line with the new liberalisation measures of Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement. Under the revised rules, Hong Kong banks with branches in Guangdong may establish sub-branches in any municipality without needing to set up a home branch in the area.

“These two new locations will strengthen our presence in the Pearl River Delta, and enable us to serve our customers more effectively throughout the province," said Dr David KP Li, the chairman and chief executive officer of BEA and chairman of BEA China, in a statement.

In a separate announcement, the bank said it has officially opened its Tai Wo branch and SupremeGold Centre in Tai Po, Hong Kong, with guest of honour Eric Li Fook-chuen, the bank's director.

The new branch has a floor area of over 2,000 square feet and is set to offer a wide range of banking services. Clients will also br offered a range of wealth management products at the SupremeGold Centre next door.

BEA currently has 90 branches and 50 SupremeGold Centres in Hong Kong; and 18 branches and 49 sub-branches spread across China. It has over 240 outlets worldwide.